BIRMINGHAM, Ala.--(BUSINESS WIRE)--
Regions Bank, the primary banking subsidiary of Regions Financial
Corporation (NYSE:RF), today announced that it has been approved as a
Fannie Mae Delegated Underwriting and Servicing (DUS®) lender
and acquired a DUS servicing portfolio totaling approximately $1 billion.
The Fannie Mae DUS approval complements Regions’ existing real estate
banking and capital markets capabilities and will allow the bank to
provide long-term, flexible financing solutions to support multifamily
housing clients nationwide.
“Multifamily housing continues to be an important and growing sector of
the real estate market and permanent, flexible financing for completed
developments is critically important to increasing both the availability
and affordability of housing,” said John Turner, head of Regions’
Corporate Bank. “Regions Bank is pleased to now be one of the 24 Fannie
Mae designated DUS lenders in the U.S. This capability is a significant
addition to the bank’s existing suite of debt capital products to meet
the needs of real estate banking clients.”
The Fannie Mae DUS program is a unique risk-sharing model that provides
liquidity to the multifamily housing market. Fannie Mae relies primarily
on the DUS network of financial institutions and independent mortgage
lenders to execute its multifamily business. Fannie Mae and its lender
partners have provided more than $300 billion in liquidity to the
mortgage market to finance more than 6.3 million units of multifamily
housing since the DUS program was launched in 1988.
“We are very excited to welcome Regions Bank as our newest Fannie Mae
DUS lender. Our partnership with our lenders is the key to the success
of Fannie Mae’s Multifamily DUS Program and we believe Regions has the
commercial real estate knowledge and experience to make this partnership
successful,” said Hilary Provinse, Senior Vice President of Multifamily
Beekman Advisors assisted Regions Bank and advised on the transaction.
Terms of the agreement were not disclosed.
About Regions Financial Corporation
Regions Financial Corporation (NYSE:RF), with $119 billion in assets, is
a member of the S&P 500 Index and is one of the nation’s largest
full-service providers of consumer and commercial banking, wealth
management, mortgage, and insurance products and services. Regions
serves customers in 16 states across the South, Midwest and Texas, and
through its subsidiary, Regions Bank, operates approximately 1,700
banking offices and 2,000 ATMs. Additional information about Regions and
its full line of products and services can be found at www.regions.com.
Regions Financial Corporation
Evelyn Mitchell, 205-264-4551
News on Twitter: @RegionsNews
Source: Regions Financial Corporation